Foxtons Goes Under the Hammer

Aug 27, 2013 3:32 pm ET

Foxtons is notorious for its ability to push up prices. That has made the London estate agency a hit with homeowners. In some London post-codes, Foxtons arranges the sale of one in three properties. It’s also a reason for investors eyeing the company’s initial private offering to proceed with care.

Foxtons announced plans Tuesday to sell 55 million U.K. pounds ($85.7 million) in new shares in an IPO, the proceeds of which will be used to pay down debt. Private-equity owner BC Partners and Foxtons employees might also sell shares in the offering, which could value the company’s equity at around GBP700 million.

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